Ceremony Marks the Launch of the Largest Cargo Ship Built in Vietnam
On May 11, in Haiphong, Nam Trieu Shipbuilding One-Member Co., Ltd. held a ceremony to launch the 65,000DWT bulk carrier, simultaneously marking the keel-laying of a second vessel of the same type.
At the launch event, Mr. Vu Thanh Tung, Director of Nam Trieu Shipbuilding, shared that the ‘Truong Minh Dream 01’ was constructed for the ship-owner, Dong Bac Marine Industry Joint Stock Company.
Truong Minh Dream 01 (Photo: Ministry of Transport)
This vessel, the first of a pair of 65,000 DWT ships ordered by Dong Bac Marine Industry, is named the ‘Truong Minh Dream 01’. It is the largest ship-building project ever undertaken by Vietnamese engineers and workers, under the supervision of the NK-Japan Registration Inspection.
With a total capacity of 65,000DWT, the ship measures 199.99 meters in length and 32.26 meters in width, with a total volume of 35,823GT. Designed by a joint venture between Vietnam Technical Shipping Company (Visec) and Blutech – Finland, the vessel boasts superior features compared to other products in its class globally.
Photo: Ministry of Transport
All manufacturing processes for this ship were handled by the engineers and workers of Nam Trieu Shipbuilding, along with domestic contractors. Additionally, the ship is equipped with modern technology, complying with the latest international conventions, and classified by the NK-Japan Registration Inspection to operate in all international waters and meet the requirements of ports worldwide.
At the launch, Mr. Nguyen Van Chi, Director of Dong Bac Marine Industry, emphasized that the ‘Truong Minh Dream 01’ is the largest cargo ship built in Vietnam to date. It boasts a modern design and exceptional performance in terms of resistance, fuel efficiency, and emission quality, while optimizing weight to meet the stringent conditions of port authorities in the US, Europe, and Australia.
Following the successful launch, Nam Trieu Shipbuilding will continue to work on the ‘Truong Minh Dream 01’, conducting trials before handing it over to the ship-owner in the near future.
A Look into the Business Operations of Shipbuilders
Nam Trieu Shipbuilding One-Member Co., Ltd. (Nasico) is a wholly-owned subsidiary of the Vietnam Shipbuilding Industry Corporation (SBIC), established through the reorganization and transformation of the former Nam Trieu Marine Industry Company.
According to its website, Nasico has over 50 years of experience in shipbuilding and repairing various watercraft. In recent years, the company has invested in infrastructure, technology, and advanced equipment to support the construction and repair of vessels weighing up to 56,000 tons.
Nasico was also responsible for building the ‘Truong Minh Fortune’ and ‘Truong Minh Sea’, each with a capacity of 56,200 tons, for Dong Bac Marine Industry in June 2018. These vessels were part of a series of two 56,200-ton ships ordered by the company, with the ‘Truong Minh Sea’ being the fourth ship of its kind constructed by Nasico.
During a working session with a delegation led by Deputy Minister Nguyen Xuan Sang, Mr. Vu Thanh Tung, Director of Nasico, reported on the company’s production and business performance.
In 2023, the company achieved a production value of over VND 484 billion, exceeding the plan by 118%; revenue of VND 288.5 billion, surpassing the target by 115%; and a business profit of over VND 7 billion.
For 2024, Nasico plans to continue working on two 65,000-ton cargo ships and one 7,000m3 oil tanker, as well as commencing construction on a new vessel for the Damen Group. The company also aims to repair approximately 40 ships, with a projected revenue of VND 335 billion, a 16% increase from 2023, and an expected profit of VND 8.1 billion.
Despite positive business performance and a decent average monthly income of VND 11.5 million for its employees, Mr. Tung acknowledged that the company’s post-Vinashin restructuring has not yielded the desired results.
Nam Trieu Shipbuilding was not among the units retained by SBIC but was instead slated for sale, transfer, liquidation, or bankruptcy. While Nam Trieu has repeatedly refined and submitted its restructuring plan to the competent authorities, it has also initiated workforce, financial, and enterprise restructuring. However, the company’s total debt after restructuring remains close to VND 1,585 billion.
